1confirmation, the San Francisco-based cryptocurrency investment firm. announced a $45M fund to invest in new projects in the cryptocurrency ecosystem.
Seems like not everything is doom and gloom in the cryptocurrency space. In spite of the market crash, companies are still eager to invest in it. 1confirmation is among them.
Before now, the company, which has $75M in assets under management, declared a $26M seed fund for its Fund I. This was two years ago, focused on supporting entrepreneurs at the earliest stages of project development. They commented on the previous project saying it’s been great, “it’s a privilege that we don’t take lightly”.
Potentials in the industry
According to the announcement, the venture capital firm has witnessed the growth and still sees potential in the industry.
Founder, Nick Tomaino said: “The current total market value of crypto assets is $223B and investment/speculation is the only mainstream use case. Additionally, we think in the next five years, that total market value will surpass $1T. This is because the investment/speculation use case continues to grow and other mainstream use cases emerge.
Tomaino’s statement isn’t surprising as praises have come from different corners previously. Before now, Benedict Evans, the general partner at large Silicon Valley VC firm had great things to say. Find out here. Concurrently, Tim Draper previously stated that Bitcoin (BTC) will be bigger than the Internet, Altcoin buzz reported.
Tomaino picks out Bitcoin
Concerning the potentials of cryptocurrencies, Tomaino tipped Bitcoin to continue the lead. He said: “It was the first mover in bringing open, inclusive financial products to the world. It has the best story and is the most decentralized (in terms of ownership and decision making) of all cryptocurrencies.”
“More people and institutions will believe the story of BTC as a store of value and adopt it. Therefore, the price of BTC is likely to increase, which has a reflexive property and helps catalyze further interest in the industry, ” he added.
Watch out for Ethereum
Tomaino further spoke about Ethereum, saying the cryptocurrency is “right behind Bitcoin.”
“Today many interesting open, global financial applications beyond a store of value are emerging on top of Ethereum. We think that Ethereum as a platform for innovation is here to stay. Also, ETH’s future as Internet money for open, inclusive financial products (aka DeFi) is bright,” he said.
1confirmation was founded by Nick Tomaino and is backed by Peter Thiel, Mark Cuban and, Marc Andreessen. Alongside institutions like Horsley Bridge.